普蕊斯（上海）医药科技开发股份有限公司 2025 年第三季度报告 证券代码：301257 证券简称：普蕊斯 公告编号：2025-062 普蕊斯（上海）医药科技开发股份有限公司 2025 年第三季度报告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 重要内容提示： 1.董事会及董事、高级管理人员保证季度报告的真实、准确、完整，不存在虚假记载、误导性陈述或重大遗漏，并承担 个别和连带的法律责任。 2.公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明：保证季度报告中财务信息的真实、准确、 完整。 3.第三季度财务会计报告是否经过审计 □是 否 1 普蕊斯（上海）医药科技开发股份有限公司 2025 年第三季度报告 一、主要财务数据 （一） 主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 □是 否 | | 本报告期 | 本报告期比上年同 | 年初至报告期末 | 年初至报告期末 | | --- | --- | --- | --- | --- | | | | 期增减 | | 比上年同期增减 | | 营业收入（元） | 218,910,71 ...

Group 1 - The core viewpoint of the article highlights a significant rise in innovative pharmaceutical stocks, with notable gains in specific companies [1] Group 2 - Norska has reached a 20% limit up, indicating strong market interest and investor confidence [1] - Puris and Kangzhi Pharmaceutical have both increased by over 10%, reflecting positive market sentiment towards these companies [1] - Other companies such as Tigermed, Kanglong Chemical, and Betta Pharmaceuticals are also showing substantial gains, contributing to the overall bullish trend in the sector [1]

Core Points - The stock price of Puris has increased by 5.15% to 47.99 CNY per share, with a total market capitalization of 3.791 billion CNY, and a cumulative increase of 6.04% over the past four days [1] - Puris (Shanghai) Pharmaceutical Technology Development Co., Ltd. was established on February 22, 2013, and went public on May 17, 2022, focusing on technology development, transfer, consultation, and services in the pharmaceutical sector, with 100% of its revenue coming from services [1] Fund Holdings - According to data, one fund under Nuoan Fund holds Puris as a significant position, with Nuoan Jingxin Mixed Fund (002145) owning 50,300 shares, accounting for 5.29% of the fund's net value, making it the fourth-largest holding [2] - The fund has generated a floating profit of approximately 118,200 CNY today and 130,800 CNY during the four-day increase [2] - Nuoan Jingxin Mixed Fund was established on December 8, 2015, with a current scale of 45.606 million CNY, achieving a year-to-date return of 57.06% and a one-year return of 57.19% [2]

Core Viewpoint - The stock price of Puris has increased by 5.15% to 47.99 CNY per share, with a total market capitalization of 3.791 billion CNY, reflecting a cumulative increase of 6.04% over the past four days [1] Group 1: Company Overview - Puris (Shanghai) Pharmaceutical Technology Development Co., Ltd. was established on February 22, 2013, and went public on May 17, 2022 [1] - The company is located at 500 Guangdong Road, 23rd Floor, World Trade Building, Huangpu District, Shanghai [1] - Puris's main business involves technology development, transfer, consulting, and services in the pharmaceutical field, with 100% of its revenue coming from services [1] Group 2: Fund Holdings - Morgan Stanley's fund holds a significant position in Puris, with the "Morgan Stanley Youyue Anhe Mixed A" fund (009893) owning 80,300 shares, representing 6.23% of the fund's net value, making it the fourth-largest holding [2] - The fund has generated a floating profit of approximately 188,700 CNY today and 208,800 CNY during the four-day increase [2] - The fund was established on September 24, 2020, with a current size of 29.6292 million CNY and has achieved an 18.21% return this year, ranking 4747 out of 8155 in its category [2]

Investment Rating - The report maintains a positive outlook on the pharmaceutical sector, indicating an "Overweight" rating for the industry, suggesting it is expected to outperform the overall market [32]. Core Insights - The report highlights that the Shenwan Pharmaceutical and Biological Index increased by 0.6% this week, while the Shanghai Composite Index rose by 2.9% and the Wind All A (excluding financials and petrochemicals) increased by 3.7% [4][6]. - The pharmaceutical sector's overall valuation stands at 30.4 times earnings, ranking 9th among 31 Shenwan primary industries [4][8]. - Significant collaborations and clinical trial results were reported, including a $11.4 billion global strategic partnership between Innovent Biologics and Takeda Pharmaceutical, which includes a $1.2 billion upfront payment [5][13]. - Key clinical trial results presented at the 2025 ESMO conference showed promising outcomes for several drugs, indicating advancements in treatment efficacy for various cancers [14][18][19]. Market Performance - The report details the performance of various sub-sectors within the pharmaceutical industry, with notable increases in medical devices (+0.2%), medical consumables (+1.7%), and medical research outsourcing (+5.5%), while traditional Chinese medicine and other biological products saw declines [4][8]. - The report also notes that 99 A-share pharmaceutical companies released their Q3 2025 earnings, with a total revenue of 94.15 billion yuan, reflecting a 1.3% year-on-year increase [20][22]. Key Events - The report mentions that Bairui Tianheng has passed the Hong Kong Stock Exchange hearing and is in the process of listing its H-shares [12]. - The report emphasizes the importance of the 2025 ESMO conference, where several companies presented significant clinical data, enhancing their market visibility and potential investment attractiveness [14][17][18]. Company Recommendations - The report recommends focusing on innovative drug sectors and companies with improving performance in medical devices and upstream sectors, including companies like Hengrui Medicine, Changchun High-tech, and Mindray Medical [5][20].

Market Overview - On October 23, the medical services sector rose by 0.19% compared to the previous trading day, with Bid Pharma leading the gains [1] - The Shanghai Composite Index closed at 3922.41, up 0.22%, while the Shenzhen Component Index closed at 13025.45, also up 0.22% [1] Top Gainers in Medical Services - Bid Pharma (688073) closed at 71.15, up 5.27% with a trading volume of 11,500 lots and a transaction value of 799.13 million [1] - ST Zhongzhu (600568) closed at 2.02, up 5.21% with a trading volume of 400,000 lots and a transaction value of 794.03 million [1] - Other notable gainers include *ST Biology (000504) at 9.50, up 2.48%, and Kanglong Chemical (300759) at 31.44, up 1.55% [1] Top Losers in Medical Services - Haitai Bio (300683) closed at 32.06, down 7.15% with a trading volume of 136,900 lots and a transaction value of 440 million [2] - Innovative Medical (002173) closed at 22.32, down 5.10% with a trading volume of 639,200 lots and a transaction value of 143.2 million [2] - Other significant decliners include Chengda Pharmaceutical (301201) at 32.70, down 3.77%, and Heyuan Bio (688238) at 7.49, down 2.60% [2] Capital Flow Analysis - On the same day, the medical services sector experienced a net outflow of 637 million from institutional investors, while retail investors saw a net inflow of 723 million [2][3] - The overall capital flow indicates that while institutional investors were pulling back, retail investors were actively buying into the sector [2][3] Individual Stock Capital Flow - For Aier Eye Hospital (300015), there was a net outflow of 20.59 million from institutional investors, while retail investors contributed a net inflow of 231,940 [3] - Kanglong Chemical (300759) saw a net inflow of 17.04 million from institutional investors, but a net outflow of 2.59 million from retail investors [3] - Bid Pharma (688073) had a net inflow of 1.08 million from institutional investors, while retail investors contributed a net inflow of 504,580 [3]

Market Overview - The medical services sector experienced a decline of 0.9% on October 22, with Sanbo Brain Science leading the drop [1] - The Shanghai Composite Index closed at 3913.76, down 0.07%, while the Shenzhen Component Index closed at 12996.61, down 0.62% [1] Stock Performance - Notable gainers in the medical services sector included: - Yaokang Biological (688046) with a closing price of 17.18, up 2.81% [1] - Aoyang Health (002172) with a closing price of 4.26, up 1.91% [1] - Haochen Medical (002622) with a closing price of 3.32, up 1.84% [1] - Significant decliners included: - Sanbo Brain Science (301293) with a closing price of 57.19, down 4.67% [2] - Chengda Pharmaceutical (301201) with a closing price of 33.98, down 4.50% [2] - XD Haoyuan Medical (688131) with a closing price of 79.90, down 2.07% [2] Capital Flow - The medical services sector saw a net outflow of 615 million yuan from institutional investors, while retail investors contributed a net inflow of 370 million yuan [2][3] - Key stocks with notable capital flows included: - Kanglong Chemical (300759) with a net inflow of 46.59 million yuan from institutional investors [3] - Aoyang Health (002172) with a net inflow of 10.44 million yuan from institutional investors [3] - Yaokang Biological (688046) with a net inflow of 9 million yuan from institutional investors [3]

Investment Rating - The investment rating for the pharmaceutical and biotechnology industry is "Positive" and the rating has been maintained [1] Core Insights - The pharmaceutical and biotechnology industry index declined by 3.65% during the reporting period, ranking 21st among 31 primary industries, underperforming the CSI 300 index which fell by 2.73% [4][16] - The valuation of the pharmaceutical and biotechnology industry as of October 17, 2025, is a PE (TTM overall method, excluding negative values) of 30.08x, down from 31.23x in the previous period, indicating a downward trend and below the average [4][21] - Key sub-industries include vaccines (55.76x), hospitals (39.64x), and medical devices (38.84x), with the lowest valuation in pharmaceutical circulation (14.29x) [4][21] - The report highlights significant innovations presented at the 2025 ESMO conference, indicating a shift in global oncology drug development from "single-agent breakthroughs" to "combination therapy strategies" [6][8] - The newly released regulations by the State Council aim to standardize clinical research pathways, promoting innovation while ensuring safety [7][25][26] Industry Overview - The report notes that 26 listed companies in the pharmaceutical and biotechnology sector experienced a net reduction in shareholder holdings amounting to 501 million yuan, while 4 companies increased their holdings by 519 million yuan [4] - The report emphasizes the importance of monitoring third-quarter earnings to validate the fundamentals of companies, particularly those with innovative product launches and significant performance improvements [8] Important Industry News - The approval of the first domestic PDE4 inhibitor by He Mei Pharmaceutical marks a significant milestone in the industry [6][34] - The approval of a new indication for GSK's recombinant shingles vaccine expands its application to adults at increased risk due to immunodeficiency [6][36] - The U.S. Senate passed a revised version of the Biosecurity Act, which continues to impose restrictions on certain Chinese biotechnology companies [6][44] - The collaboration between Bai Li Tian Heng and BMS on the iza-bren project has reached a milestone, triggering a payment of 250 million USD [6][47] - The IPO of Xuan Zhu Biotechnology on the Hong Kong Stock Exchange saw a significant oversubscription and a substantial increase in share price during the dark trading period [6][49]

Core Viewpoint - The company, Puris (301257), reported that as of September 30, 2025, the total number of shareholders is 8,588 [1] Summary by Relevant Sections - Shareholder Information - As of September 30, 2025, the total number of shareholders for the company is 8,588 [1]

Core Viewpoint - The company,普蕊斯 (301257.SZ), announced that its major shareholder, 观由昭泰, will reduce its stake through block trading, impacting the overall shareholding structure but not affecting control or governance [1] Group 1: Shareholder Actions - 观由昭泰 plans to reduce its holdings by 711,000 shares, which represents 0.90% of the company's total share capital [1] - The combined shareholding of 观由昭泰 and its concert party, 新疆泰睿, will decrease from 7.90% to 7.00% [1] - This reduction in shareholding triggers a change in equity that touches upon a 1% integer multiple [1] Group 2: Control and Governance - The shareholder reducing its stake is not classified as the company's controlling shareholder or actual controller [1] - The implementation of this reduction plan will not lead to any changes in the company's control or governance structure [1] - The ongoing operations of the company will remain unaffected by this shareholding change [1]